The Star Entertainment Group has announced a sale and partial leaseback transaction with Charter Hall that includes the Treasury Casino and other assets.<\/p>\n\n\n\n\n\n\n\n
Australia.- The Star Entertainment<\/a> has sold the Treasury Casino <\/strong>and Hotel property to Charter Hall for AU$248m (US$186m)<\/strong>. According to a company filing, the Star will lease back the Treasury Hotel building and associated Queen\u2019s Gardens car park for an initial term of 30 years with 2 15-year options.<\/p>\n\n\n\n The casino operator will retain its existing interest in the former State Library building, which is not part of this transaction. The Star will explore future uses and ownership models for this site, which is the smallest of the four Treasury assets.<\/p>\n\n\n\n The company said the transaction remains subject to state consent<\/strong>. Obligations to the State to deliver the repurposing of assets as part of the Queen\u2019s Wharf Brisbane precinct remain.<\/p>\n\n\n\n Star Entertainment Group<\/a> <\/strong>reported revenue of AU$1.56bn<\/strong> with a statutory EBITDA of AU$427m, up 51 per cent for the financial year 2021. Star Sydney<\/a>, which closed on June 25 and remains shut, saw a decline in gross revenue of 30 per cent to AU$832m<\/strong>, with a 96 per cent decline in VIP and a 10 per cent decline in domestic revenues.<\/p>\n\n\n\n Star Brisbane recorded a 38 per cent growth in domestic revenue<\/strong>. The figure was up 3 per cent year-on-year despite shutdowns in January, March and June. Group slots revenue for the second half <\/strong>was up 4 per cent.<\/p>\n\n\n\n According to its financial report, the casino operator will be focusing on international premium mass<\/strong> and direct premium customers once borders reopen. <\/p>\n","protected":false},"excerpt":{"rendered":" The Star Entertainment Group has announced a sale and partial leaseback transaction with Charter Hall that includes the Treasury Casino and other assets.<\/p>\n","protected":false},"author":176,"featured_media":23980,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group has executed a sale and partial leaseback of its Treasury Casino and Hotel property to Charter Hall for AU$248m, retaining a 30-year lease with options. Concurrently, the company reported FY21 revenue of AU$1.56bn and a 51% increase in statutory EBITDA to AU$427m, despite significant declines at Star Sydney. The strategic focus post-border reopening will be on international premium mass and direct premium customers.","focusai_entities":"The Star Entertainment Group, Charter Hall, Treasury Casino and Hotel, Star Sydney, Star Brisbane, State Library building","focusai_location":"Australia, Brisbane, Sydney","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Capital Allocation Strategy","query":"How will the AU$248m proceeds from the Treasury asset sale be deployed to optimize The Star Entertainment Group's capital structure and support its strategic growth initiatives, particularly given the ongoing Queen's Wharf Brisbane development obligations?"},{"label":"Premium Segment Outlook","query":"What specific operational and marketing investments are planned to capitalize on the \"international premium mass and direct premium customers\" segment, and what are the projected timelines for border reopenings and associated revenue recovery, especially for the underperforming Star Sydney VIP segment?"}],"footnotes":""},"categories":[16336,157],"tags":[23871],"class_list":["post-23955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-the-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=23955"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23955\/revisions"}],"predecessor-version":[{"id":23981,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23955\/revisions\/23981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/23980"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=23955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=23955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=23955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Star Entertainment posts revenue of AU$1.56bn for FY21<\/h2>\n\n\n\n